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Eye on the Industry: Updates on Executive Changes, Partnerships

RCN Capital, a nationwide direct private lender, announced that Don Vaccaro will be stepping down as CEO. Vaccaro will be leaving his current role effective June 30, 2019.

Jeffrey Tesch, RCN Capital's current Managing Director, will be stepping in as Vaccaro's successor. Tesch, who has been with RCN Capital since its founding in 2010, led efforts to develop the company into a national brand within the private lending industry with a focus on superior customer service and transparent loan products for a diverse customer base.

"It is truly a privilege to have been named the Chief Executive Officer of RCN Capital. I want to thank all of my employees that have contributed to the company's success and have made RCN what it is today," Tesch said. "I look forward to continuing to lead the company's growth efforts through our partnerships and strategic relationships. Under my leadership, RCN Capital will continue to take great pride in setting the highest ethical standards in the private lending industry and moving our space forward as a whole."

RCN Capital, a nationwide direct private lender, announced that Don Vaccaro will be stepping down as CEO. Vaccaro will be leaving his current role effective June 30, 2019.

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Blend recently announced it has raised $130 million in Series E funding led by Temasek and General Atlantic. Existing investors 8VC, Founders Fund, Greylock Partners, and Lightspeed Venture Partners also participated in the round, which brings the company’s total funding to $310 million.

“Blend’s technology platform is driving an evolution in how lenders do business and interact with their clients,” said Paul Stamas, Managing Director at General Atlantic, a leading global growth equity firm. “Blend’s approach of partnering with financial institutions to reimagine consumer finance has proven hugely successful thus far, and we’re thrilled to assist them in their next phase of growth.”

Blend now routinely processes nearly $2 billion in loans every day in partnership with more than 150 lender customers. The company recently announced product expansions into deposit account opening, home equity, and homeowners insurance, along with a slew of high-level additions to its executive team, including former Fannie Mae CEO Tim Mayopoulos.

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ClosingCorp, a provider of residential real estate closing cost data and technology for the mortgage and real estate services industries, has announced that its SmartFees service is integrated with Plaza Home Mortgage, Inc.’s BREEZE loan origination system

The integration provides wholesale mortgage brokers the option of creating, previewing and delivering loan estimate (LE) disclosures at the point of sale. 

SmartFees provides an automated fee solution that gives Plaza mortgage brokers immediate access to vendor-verified closing costs with an audit trail and a data-backed guarantee. The integration allows BREEZE users to quickly search for and select a closing agent and title company in their specific markets. SmartFees will integrate the loan file information, transfer tax and recording data, as well as service provider fees, including land surveys and other services required depending on the property’s location, from more than 70,000 rate cards. Lender business rules and other requirements are also feed into BREEZE—allowing Plaza Home Mortgage brokers the ability to originate mortgage confidently and compliantly.

About Author: Mike Albanese

A graduate of the University of Alabama, Mike Albanese has worked for news publications since 2011 in Texas and Colorado. He has built a portfolio of more than 1,000 articles, covering city government, police and crime, business, sports, and is experienced in crafting engaging features and enterprise pieces. He spent time as the sports editor for the "Pilot Point Post-Signal," and has covered the DFW Metroplex for several years. He has also assisted with sports coverage and editing duties with the "Dallas Morning News" and "Denton Record-Chronicle" over the past several years.
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